Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-06-13-Speech-3-295-006"

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"en.20120613.24.3-295-006"2
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"I welcomed this document because each of the Member States whose currency is the euro should consult the Commission and other Member States whose currency is the euro before the adoption of any major fiscal policy reform plans with potential spillover effects, in order to make it possible to assess the possible impact for the euro area as a whole. They should consider their budgetary plans to be of common concern and submit them to the Commission for monitoring purposes in advance of the plans becoming binding. The Commission should be in a position, if necessary, to adopt an opinion on the draft budgetary plan which the Member State and, in particular, budgetary authorities should be invited to take into account in the process of the budget law adoption. Member States whose currency is the euro and which are subject to an excessive deficit procedure should be monitored more closely to secure a full and timely correction of the excessive deficit. A closer monitoring should ensure early correction of any deviations from the Council recommendations to correct the excessive deficit."@en1

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